Imagine what would happen were a candidate for president to propose that the federal government begin buying up shares of major U.S. banks. Denunciation would be swift. Amid cries of "socialism," critics would warn of the potential for undue political interference in private economic decision making.
In 2001, Treasury Secretary Paul O'Neill told Congress, "Government has no business owning private companies." He got no arguments.
As Americans, we realize the folly of allowing our government to own our private companies, yet paradoxically, some appear far less alarmed by the prospect of another country's government doing the same.
Foreign governments, operating sovereign wealth funds, have recently been purchasing sizable stakes in U.S. companies -- particularly in the financial services sector -- and hardly a question has been asked. It is time that we start.
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